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REGISTERED NUMBER: SC470264 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

COLLECTIVE MEDIA LIMITED

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COLLECTIVE MEDIA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Ian Reid
Kathryn Ross





SECRETARY: Kathryn Ross





REGISTERED OFFICE: Carogan House
Cockburnspath
Berwickshire
TD13 5XB





REGISTERED NUMBER: SC470264 (Scotland)





ACCOUNTANTS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 472 590
Investment property 5 454,574 454,574
455,046 455,164

CURRENT ASSETS
Cash at bank 155,944 134,706

CREDITORS
Amounts falling due within one year 6 310,868 313,936
NET CURRENT LIABILITIES (154,924 ) (179,230 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

300,122

275,934

PROVISIONS FOR LIABILITIES 7 90 112
NET ASSETS 300,032 275,822

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 299,932 275,722
SHAREHOLDERS' FUNDS 300,032 275,822

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





Ian Reid - Director


COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Collective Media Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants
Government grants received in respect of expenditure charged to the profit and loss account during the year have been included in profit and loss.

Investment property
In accordance with Financial Reporting Standard 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £9,091 (2022 - £9,091).

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2022
and 31 May 2023 3,275
DEPRECIATION
At 1 June 2022 2,685
Charge for year 118
At 31 May 2023 2,803
NET BOOK VALUE
At 31 May 2023 472
At 31 May 2022 590

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 454,574
NET BOOK VALUE
At 31 May 2023 454,574
At 31 May 2022 454,574

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 454,574

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 454,574 454,574
Aggregate depreciation (56,037 ) (56,037 )

Investment property was valued on a fair value basis on 31 May 2023 by Ian Reid, director .

Title to the investment properties at Flat 3, 38 Broomhill Drive, Glasgow, and Flat 2, 46 Partick Bridge Street, Glasgow are held by directors Ian Reid and Kathryn Ross, respectively, on behalf of the company. In the opinion of the directors, there have been no significant changes in the market values of the investment properties since their acquisition by the company.

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Current Corporation Tax 7,424 20,489
Directors' current accounts 298,986 289,827
Accruals and deferred income 4,458 3,620
310,868 313,936

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 90 112

Deferred
tax
£   
Balance at 1 June 2022 112
Released to Profit and loss (22 )
Balance at 31 May 2023 90

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary £1 50 50
50 Ordinary 'A' £1 50 50
100 100

9. RESERVES
Retained
earnings
£   

At 1 June 2022 275,722
Profit for the year 31,446
Dividends (7,236 )
At 31 May 2023 299,932

10. ULTIMATE CONTROLLING PARTY

The company is under the immediate and ultimate control of directors Ian Reid and Kathryn Ross who each hold 50% of the issued share capital.